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CCLT Ownership Benefits
Even in today’s uncertain market, homeownership is still a good long term investment for individuals and families, who want to control their housing situation, stabilize their costs and put down roots in a community. The Chicago Community Land Trust (CCLT) provides working individuals and families with opportunities to purchase homes of their own at prices they can afford.
The CCLT is a partner in the ownership process, giving homeowners access to many of the benefits of traditional ownership, along with a network of support to help ensure their ongoing success. This long-term security and stability cannot be found in rental housing or even in market rate homeownership.
CCLT homeowner support includes:
How CCLT Homeownership Works
CCLT homeownership is designed to preserve the long-term affordability of its homes, while providing its homeowners with a return on their investment. Unlike renting, CCLT ownership provides an opportunity to begin building equity.
Buyers sign a long-term affordability agreement agreeing to resell the home to another income-qualified buyer at an affordable price.
The affordable resale price is designed to give the owner a return on his/her investment, but limits that return in order to keep the home affordable to the next family.
The original subsidies stay with the home to help maintain affordability.
To learn more about CCLT homeownership, including an overview of the long-term affordability agreement and how the resale formula is calculated, sign up for a CCLT “Purchase an Affordable Home in Chicago” workshop.
Workshops are available to people who have already completed general first-time homebuyer counseling through one of the City's delegate counseling agencies and are interested in purchasing affordable and Chicago Community Land Trust (CCLT) homes.